All three major indexes hit fresh all-time highs on Monday, powered by Nvidia’s big push into the PC chip market. But the session wasn’t all sunshine. Oil spiked more than 6% after Iran threatened to fully close the Strait of Hormuz, reminding everyone that geopolitical risk hasn’t gone anywhere. Markets shrugged it off by the close, which is either confidence or complacency, depending on your read.
Market Snapshot
| INDEX | CLOSE | CHANGE |
|---|---|---|
| S&P 500 | 7,599.96 | +0.26% |
| Nasdaq | 27,086.81 | +0.42% |
| Dow | 51,078.88 | +0.09% |
| Bitcoin | $72,145 | -2.27% |
| Ethereum | $1,988 | -1.58% |
What Moved Markets
Nvidia wants your laptop, too. Jensen Huang used his Computex keynote to unveil the RTX Spark, an Arm-based chip that pairs a Blackwell GPU with a custom Grace CPU and 128GB of unified memory. It’s Nvidia’s first real play for the PC processor market in over a decade, and the market liked it. Nvidia rose more than 6%. Dell jumped 10%, HP climbed 8%, and Intel, which has owned this space for years, dropped 6%. Laptops ship this fall. If you hold Intel, that’s a problem worth sizing up.
Buffett’s successor makes his move. Berkshire Hathaway agreed to buy homebuilder Taylor Morrison for $6.8 billion in cash, a 24% premium to Friday’s close. It’s the first major acquisition under CEO Greg Abel and a clear signal that Berkshire is betting on U.S. housing demand. TMHC popped 22% on the news. Whether it’s a great deal or just a big one will take a few quarters to sort out.
Oil spiked on Iran headlines, then markets moved on. Iran suspended talks with the U.S. and pledged to fully close the Strait of Hormuz. Brent crude surged to $97 and WTI hit $94, both up more than 6%. That erased much of the 20% decline oil had seen over recent weeks as ceasefire optimism built. The equity market largely shrugged off the spike by the close, but energy stocks caught a bid and the risk isn’t going away anytime soon.
Software got a boost from AI optimism. ServiceNow jumped roughly 9% after analyst commentary argued that rising AI demand would complement rather than replace its platform. The broader software sector followed. Whether that thesis holds depends on execution, not vibes, but the market was buying it on Monday.
Worth Watching
Jobs report (June 5): The May employment situation drops Friday. Markets are looking for confirmation that the labor market is cooling without cracking. A hot number could push rate cut expectations further out.
CPI (June 10) and FOMC (June 16-17): Inflation data lands next Wednesday, followed by the Fed’s next rate decision the week after. These two releases together will set the tone for the rest of June. If CPI comes in hot, expect the Fed to hold and the market to get uncomfortable.
Iran and oil: The Hormuz threat is the kind of headline that fades until it doesn’t. If negotiations stay frozen, oil above $90 starts pressuring everything from consumer spending to inflation expectations. Worth tracking daily.
Bottom Line
Record highs with a side of geopolitical risk is the current recipe. Tech keeps pulling indexes higher, and the Nvidia PC chip story gives the AI trade another leg to stand on. But oil at $94 and a frozen Iran negotiation are real risks that could bite if they escalate. With the jobs report on Friday and CPI next week, the data will either justify these prices or challenge them. If you’re holding, keep your positions sized for a market that’s celebrating now but has a full calendar of potential reality checks ahead.
